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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported):
August 9, 2024
CBAK ENERGY TECHNOLOGY, INC. |
(Exact name of registrant as specified in its charter) |
Nevada |
|
001-32898 |
|
86-0442833 |
(State or other jurisdiction
of incorporation) |
|
(Commission File No.) |
|
(IRS Employer
Identification No.) |
BAK Industrial Park, Meigui Street |
Huayuankou Economic Zone |
Dalian, China, 116450 |
(Address, including zip code, of principal executive offices) |
|
(86)(411)-3918-5985 |
(Registrant’s telephone number, including area code) |
|
|
(Former name or former address, if changed since last report) |
|
Securities registered or to be registered pursuant
to Section 12(b) of the Act:
Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange on which registered |
Common Stock, $0.001 par value |
|
CBAT |
|
Nasdaq Capital Market |
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.
below):
☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities
Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☐
If an emerging
growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any
new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
ITEM 2.02. Results of Operations
and Financial Condition.
On
August 9, 2024, CBAK Energy Technology, Inc. (the “Company”) released its unaudited results of operations for the second quarter
ended June 30, 2024. A copy of the press release issued by the Company concerning the foregoing results is furnished hereto as Exhibit
99.1.
The
information in Item 2.02 of this Current Report on Form 8-K and the exhibit attached hereto are intended to be “furnished”
and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise
subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. Except as shall be expressly
set forth by specific reference in such filing, the information contained herein and in the accompanying exhibit shall not be incorporated
by reference into any filing with the Securities and Exchange Commission made by the Company, whether made before or after the date hereof,
regardless of any general incorporation language in such filing.
ITEM 9.01. Financial Statements
and Exhibits.
(d) Exhibits
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
CBAK ENERGY TECHNOLOGY, INC. |
|
|
|
Date: August 9, 2024 |
By: |
/s/ Jiewei
Li |
|
|
Jiewei Li |
|
|
Chief Financial Officer |
2
Exhibit
99.1
CBAK
Energy Reports Second Quarter and First Half 2024 Unaudited Financial Results
DALIAN,
China, August 9, 2024 /PRNewswire/ -- CBAK Energy Technology, Inc. (NASDAQ: CBAT) (“CBAK Energy,” or the “Company”)
a leading lithium-ion battery manufacturer and electric energy solution provider in China, today reported its unaudited financial results
for the second quarter and the first half of 2024 ended June 30, 2024.
First
Half of 2024 Financial Highlights
| ● | Net
revenues from sales of batteries were $80.4 million, an increase of 55% from $51.8 million in the same period of 2023. |
|
- |
Net revenues from batteries
used in light electric vehicles were $3.3 million, an increase of 7% from $3.1 million in the same period of 2023. |
| - | Net
revenues from batteries used in electric vehicles were $0.7 million, a decrease of 65% from $2.0 million in the same period of 2023. |
|
- |
Net revenues from residential
energy supply & uninterruptible supplies were $76.4 million, an increase of 63% from $46.8 million in the same period of
2023. |
| ● | Gross
margin for the battery business was 39.0%, an increase of 26.2 percentage points from
12.8% in the same period of 2023. |
| ● | Net
income from the battery business was $19.6 million, compared to net loss of $1.0 million in the same period of 2023. |
Yunfei
Li, Chairman and Chief Executive Officer of the Company, commented, “We are thrilled to share with our shareholders and investors
that we have achieved a remarkable 55% increase in net revenues from our battery business, reaching $80.4 million for the first half
of the year. This significant growth is particularly notable given the broader industry challenges and declining sales volumes faced
by our competitors. Our strategic pivot towards residential energy solutions and diverse energy storage applications has been a key driver
of this success, with the bulk of our revenue increase coming from these sectors. Our major clients remain highly satisfied with the
performance of our products and continue to show strong loyalty. We are confident that this exceptional sales momentum will continue
to drive our success in the future.”
Jiewei
Li, Chief Financial Officer and Secretary of the Board of the Company, added, “In addition to the remarkable surge in net revenues
from our battery business, we are thrilled to report an impressive gross margin of 39% for the first half of the year. This outstanding
performance not only highlights our efficiency but also places us ahead of all our competitors in battery manufacturing. Consequently,
our net income from the battery sector has reached $19.6 million, surpassing the figures from the previous fiscal year.
We
are confident that our gross margin will remain robust due to high client satisfaction with our battery products, and we anticipate continued
growth in net income in the upcoming quarters. Furthermore, we are engaged in discussions with several private equity investors regarding
both our sodium and lithium battery segments. These investors are showing interest in contributing capital at a significantly higher
valuation. We expect to finalize these transactions and deliver positive news to the market.”
Second
Quarter of 2024 Business Highlights & Recent Developments
| ● | In
June, CBAK Energy announced that its subsidiary, CBAK Power, had secured an order valued
at almost USD7.0 million from a Renowned European Client. |
| ● | In
June, CBAK Energy unveiled a significant advancement in fast-charging technology with the
enhanced model 32140 battery, achieving a full charge in just 35 minutes. |
Second
Quarter of 2024 Financial Results
Net
revenues1 were $47.8 million, representing an increase of 13% compared to $42.4 million in the same period of 2023. This
increase was primarily attributable to an increase in revenue from the Company’s battery business.
Among
these revenues, detailed revenues from our battery business are:
Battery Business | |
2023 Second Quarter | | |
2024 Second Quarter | | |
%
Change YoY | |
Net Revenues ($) | |
| 22,232,003 | | |
| 35,598,124 | | |
| 60 | |
Gross Profits ($) | |
| 3,425,147 | | |
| 12,912,293 | | |
| 276 | |
Gross Margin | |
| 15.4 | % | |
| 36.3 | % | |
| - | |
Net (Loss) Income ($) | |
| (1,126,224 | ) | |
| 7,892,641 | | |
| - | |
Net Revenues from Battery Business on Applications ($) | |
| | | |
| | | |
| | |
Electric Vehicles | |
| 135,731 | | |
| 199,258 | | |
| 46 | |
Light Electric Vehicles | |
| 1,147,902 | | |
| 1,825,501 | | |
| 59 | |
Residential Energy Supply & Uninterruptable supplies | |
| 20,948,370 | | |
| 33,573,365 | | |
| 60 | |
Total | |
| 22,232,003 | | |
| 35,598,124 | | |
| 60 | |
| 1 | Net
revenues consist of the Company’s self-operated battery business and Hitrans, which was acquired in 2021, an independently managed
raw materials business. |
Cost
of revenues was $35.1 million, representing a slightly decrease of 9% from $38.5 million in the same period of 2023. The decrease
in the cost of revenues corresponds to the Company’s higher gross profit from the battery business.
Gross
profit was $12.7 million, representing an increase of 227% from $3.9 million in the same period of 2023. Gross margin was 26.6%,
compared to 9.2% in the same period of 2023.
Total
operating expenses were $6.8 million, representing a decrease of 12% from $7.7 million in the same period of 2023.
| ● | Research
and development expenses was $3.0 million for the three months ended June 30, 2024 and
2023. |
| ● | Sales
and marketing expenses were $1.4 million, an increase of 42% from $1.0 million in the
same period of 2023. |
| ● | General
and administrative expenses were $3.1 million, a slightly decrease of 14% from
$3.6 million in the same period of 2023. |
| ● | Recover
of doubtful accounts was $0.67 million, compared to a provision of doubtful accounts
of $0.13 million in the same period of 2023. |
Operating
income amounted to $5.9 million, compared to an operating loss of $3.8 million in the same period of 2023.
Finance
income, net amounted to $0.7, compared to $0.3 million in the same period of 2023.
Change
in fair value of warrants was nil, compared to $0.04 million in the same period of 2023.
Net
income attributable to shareholders of CBAK Energy was $6.45 million, compared to net loss attributable to shareholders of CBAK Energy
of $2.6 million in the same period of 2023.
Net
income attributable to shareholders of CBAK Energy (after deducting the change in fair value of warrants) was $6.45 million, compared
to a net loss of $2.7 million in the same period of 2023, mainly due to the strong performance of our battery business.
Basic
and diluted income per share were both $0.07, compared to basic and diluted loss per share of $0.03 in 2023.
First
Half of 2024 Financial Results
Net
revenues1 were $106.6 million, representing an increase of 26% compared to $84.8 million in the same period of 2023. This
increase was primarily attributable to an increase in revenue from the Company’s battery business.
Among
these revenues, detailed revenues from our battery business are:
Battery Business | |
2023 First Half | | |
2024 First Half | | |
%
Change YoY | |
Net Revenues ($) | |
| 51,835,386 | | |
| 80,435,993 | | |
| 55 | |
Gross Profits ($) | |
| 6,638,505 | | |
| 31,375,815 | | |
| 372 | |
Gross Margin | |
| 12.8 | % | |
| 39.0 | % | |
| - | |
Net (Loss) Income ($) | |
| (1,017,300 | ) | |
| 19,575,070 | | |
| - | |
Net Revenues from Battery Business on Applications ($) | |
| | | |
| | | |
| | |
Electric Vehicles | |
| 1,955,979 | | |
| 679,439 | | |
| -65 | |
Light Electric Vehicles | |
| 3,115,959 | | |
| 3,335,793 | | |
| 7 | |
Residential Energy Supply & Uninterruptable supplies | |
| 46,763,448 | | |
| 76,420,761 | | |
| 63 | |
Total | |
| 51,835,386 | | |
| 80,435,993 | | |
| 55 | |
| 1 | Net
revenues consist of the Company’s self-operated battery business and Hitrans, which was acquired in 2021, an independently managed
raw materials business. |
Cost
of revenues was $75.0 million, representing a slightly decrease of 4% from $78.0 million in the same period of 2023. The increase
in the cost of revenues corresponds to the Company’s higher gross profit from the battery business.
Gross
profit was $31.5 million, representing an increase of 22% from $6.8 million in the same period of 2023. Gross margin was 29.5%, compared
to 8.0% in the same period of 2023.
Total
operating expenses were $15.3 million, representing an increase of 14% from $13.4 million in the same period of 2023.
| ● | Research
and development expenses were $5.8 million, an increase of 6% from $5.4 million in the same period of 2023. |
| ● | Sales
and marketing expenses were $3.1 million, an increase of 8.4% from $1.7 million in the same period of 2023. |
| ● | General
and administrative expenses were $7.2 million, an increase of 19% from $6.1 million in the same period of 2023. |
| ● | Recover
of doubtful accounts was $0.8 million, compared to a provision of doubtful accounts of $0.26 million in the same period of 2023. |
Operating
income amounted to $16.2 million, compared to an operating loss of $6.7 million in the same period of 2023.
Finance
income, net amounted to $0.7, compared to $0.3 million in the same period of 2023.
Change
in fair value of warrants was nil, compared to $0.12 million in the same period of 2023.
Net
income attributable to shareholders of CBAK Energy was $16.3 million, compared to net loss attributable to shareholders of CBAK Energy
of $4.0 million in the same period of 2023.
Net
income attributable to shareholders of CBAK Energy (after deducting the change in fair value of warrants) was $16.3 million, compared
to a net loss of $4.1 million in the same period of 2023, mainly due to the strong performance of our battery business.
Basic
and diluted income per share were both $0.18, compared to basic and diluted loss per share of $0.05 in 2023.
Conference
Call
CBAK
Energy’s management will host an earnings conference call at 8:00 AM U.S. Eastern Time on Friday, August 9, 2024 (8:00 PM Beijing/Hong
Kong Time on August 9, 2024).
For
participants who wish to join our call online, please visit:
https://edge.media-server.com/mmc/p/etm9tt44
Participants
who plan to ask questions during the call will need to register at least 15 minutes prior to the scheduled call start time using the
link provided below. Upon registration, participants will receive the conference call access information, including dial-in numbers,
a unique pin, and an email with detailed instructions.
Participant
Online Registration:
https://register.vevent.com/register/BI88cb5143d85b4257ac2ba1e1f0e4d8e2
Once
completing the registration, please dial-in at least 10 minutes before the scheduled start time of the conference call and enter the
personal pin as instructed to connect to the call.
A
replay of the conference call may be accessed within seven days after the conclusion of the live call at the following website: https://edge.media-server.com/mmc/p/etm9tt44
The
earnings release and the link for the replay are available at ir.cbak.com.cn.
About
CBAK Energy
CBAK
Energy Technology, Inc. (NASDAQ: CBAT) is a leading high-tech enterprise in China engaged in the development, manufacturing, and sales
of new energy high power lithium and sodium batteries, as well as the production of raw materials for use in manufacturing high power
lithium batteries. The applications of the Company’s products and solutions include electric vehicles, light electric vehicles,
energy storage and other high-power applications. In January 2006, CBAK Energy became the first lithium battery manufacturer in China
listed on the Nasdaq Stock Market. CBAK Energy has multiple operating subsidiaries in Dalian, Nanjing, Shaoxing and Shangqiu, as well
as a large-scale R&D and production base in Dalian.
For
more information, please visit ir.cbak.com.cn.
Safe
Harbor Statement
This
press release contains “forward-looking statements” that involve substantial risks and uncertainties. All statements other
than statements of historical facts contained in this press release, including statements regarding our future results of operations
and financial position, strategy and plans, and our expectations for future operations, are forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. We have
attempted to identify forward-looking statements by terminology including “anticipates,” “believes,” “can,”
“continue,” “could,” “estimates,” “expects,” “intends,” “may,”
“plans,” “potential,” “predicts,” “should,” or “will” or the negative of
these terms or other comparable terminology. Our actual results may differ materially or perhaps significantly from those discussed herein,
or implied by, these forward-looking statements.
Any
forward-looking statements contained in this press release are only estimates or predictions of future events based on information currently
available to our management and management’s current beliefs about the potential outcome of future events. Whether these future
events will occur as management anticipates, whether we will achieve our business objectives, and whether our revenues, operating results,
or financial condition will improve in future periods are subject to numerous risks. There are a significant number of factors that could
cause actual results to differ materially from statements made in this press release, including: significant legal and operational risks
associated with having substantially all of our business operations in China, that the Chinese government may exercise significant oversight
and discretion over the conduct of our business and may intervene in or influence our operations at any time, which could result in a
material change in our operations and/or the value of our securities or could significantly limit or completely hinder our ability to
offer or continue to offer securities to investors and could cause the value of such securities to significantly decline or be worthless,
the effects of the global Covid-19 pandemic or other health epidemics, changes in domestic and foreign laws, regulations and taxes, the
volatility of the securities markets; and other risks including, but not limited to, the ability of the Company to meet its contractual
obligations, the uncertain markets for the Company’s products and business, macroeconomic, technological, regulatory, or other
factors affecting the profitability of our products and solutions that we discussed or referred to in the Company’s disclosure
documents filed with the U.S. Securities and Exchange Commission (the “SEC”) available on the SEC’s website at www.sec.gov,
including the Company’s most recent Annual Report on Form 10-K as well as in our other reports filed or furnished from time to
time with the SEC. You should read these factors and the other cautionary statements made in this press release. If one or more of these
factors materialize, or if any underlying assumptions prove incorrect, our actual results, performance or achievements may vary materially
from any future results, performance or achievements expressed or implied by these forward-looking statements. The forward-looking statements
included in this press release are made as of the date of this press release and the Company undertakes no obligation to publicly update
or revise any forward-looking statements, other than as required by applicable law.
For
further inquiries, please contact:
In
China:
CBAK
Energy Technology, Inc.
Investor Relations Department
Phone: +86-18675423231
Email: ir@cbak.com.cn
CBAK
Energy Technology, Inc. and Subsidiaries
Condensed
consolidated Balance Sheets
As
of December 31, 2023 and June 30, 2024
(Unaudited)
(In
US$ except for number of shares)
| |
December 31, 2023 | | |
June 30, 2024 | |
| |
| | |
(Unaudited) | |
Assets | |
| | |
| |
Current assets | |
| | |
| |
Cash and cash equivalents | |
$ | 4,643,267 | | |
$ | 9,709,059 | |
Pledged deposits | |
| 54,179,549 | | |
| 10,418,508 | |
Short-term deposits | |
| - | | |
| 34,342,812 | |
Trade and bills receivable, net | |
| 28,653,047 | | |
| 32,710,720 | |
Inventories | |
| 33,413,422 | | |
| 31,226,831 | |
Prepayments and other receivables | |
| 7,459,254 | | |
| 5,017,982 | |
Receivables from a former subsidiary, net | |
| 74,946 | | |
| 12,620 | |
Total current assets | |
| 128,423,485 | | |
| 123,438,532 | |
| |
| | | |
| | |
Property, plant and equipment, net | |
| 91,628,832 | | |
| 86,966,492 | |
Construction in progress | |
| 37,797,862 | | |
| 36,086,788 | |
Long-term investments, net | |
| 2,565,005 | | |
| 2,256,386 | |
Prepaid land use rights | |
| 11,712,704 | | |
| 11,281,490 | |
Intangible assets, net | |
| 841,360 | | |
| 599,350 | |
Deposit paid for acquisition of long-term investments | |
| 7,101,492 | | |
| 15,934,172 | |
Operating lease right-of-use assets, net | |
| 1,084,520 | | |
| 3,053,819 | |
Total assets | |
$ | 281,155,260 | | |
$ | 279,617,029 | |
| |
| | | |
| | |
Liabilities | |
| | | |
| | |
Current liabilities | |
| | | |
| | |
Trade and bills payable | |
$ | 82,429,575 | | |
$ | 71,644,150 | |
Short-term bank borrowings | |
| 32,587,676 | | |
| 35,077,469 | |
Other short-term loans | |
| 339,552 | | |
| 338,623 | |
Accrued expenses and other payables | |
| 41,992,540 | | |
| 33,431,784 | |
Payables to a former subsidiary, net | |
| 411,111 | | |
| 418,499 | |
Deferred government grants, current | |
| 375,375 | | |
| 482,714 | |
Product warranty provisions | |
| 23,870 | | |
| 17,888 | |
Operating lease liability, current | |
| 691,992 | | |
| 994,562 | |
Finance lease liability, current | |
| 1,643,864 | | |
| 1,424,535 | |
Income tax payable | |
| - | | |
| 798,715 | |
Total current liabilities | |
| 160,495,555 | | |
| 144,628,939 | |
| |
| | | |
| | |
Deferred government grants, non-current | |
| 6,203,488 | | |
| 5,700,353 | |
Product warranty provisions | |
| 522,574 | | |
| 434,724 | |
Operating lease liability, non-current | |
| 475,302 | | |
| 2,326,064 | |
Total liabilities | |
| 167,696,919 | | |
| 153,090,080 | |
| |
| | | |
| | |
Commitments and contingencies | |
| | | |
| | |
| |
| | | |
| | |
Shareholders’ equity | |
| | | |
| | |
Common stock $0.001 par value; 500,000,000 authorized; 90,063,396 issued and 89,919,190 outstanding as of December 31, 2023 and 90,083,396 issued and 89,939,190 outstanding as of June 30, 2024 | |
| 90,063 | | |
| 90,083 | |
Donated shares | |
| 14,101,689 | | |
| 14,101,689 | |
Additional paid-in capital | |
| 247,465,817 | | |
| 247,674,563 | |
Statutory reserves | |
| 1,230,511 | | |
| 1,230,511 | |
Accumulated deficit | |
| (134,395,762 | ) | |
| (118,113,850 | ) |
Accumulated other comprehensive loss | |
| (11,601,403 | ) | |
| (14,326,079 | ) |
| |
| 116,890,915 | | |
| 130,656,917 | |
Less: Treasury shares | |
| (4,066,610 | ) | |
| (4,066,610 | ) |
Total shareholders’ equity | |
| 112,824,305 | | |
| 126,590,307 | |
Non-controlling interests | |
| 634,036 | | |
| (63,358 | ) |
Total equity | |
| 113,458,341 | | |
| 126,526,949 | |
Total liabilities and shareholder’s equity | |
$ | 281,155,260 | | |
$ | 279,617,029 | |
See
accompanying notes to the condensed consolidated financial statements.
CBAK
Energy Technology, Inc. and Subsidiaries
Condensed
consolidated Statements of Operations and Comprehensive Income (Loss)
For
the three and six months ended June 30, 2023 and 2024
(Unaudited)
(In
US$ except for number of shares)
| |
Three months ended June 30, | | |
Six months ended June 30, | |
| |
2023 | | |
2024 | | |
2023 | | |
2024 | |
Net revenues | |
$ | 42,420,870 | | |
$ | 47,793,045 | | |
$ | 84,817,571 | | |
$ | 106,615,477 | |
Cost of revenues | |
| (38,536,228 | ) | |
| (35,065,019 | ) | |
| (78,027,185 | ) | |
| (75,106,404 | ) |
Gross profit | |
| 3,884,642 | | |
| 12,728,026 | | |
| 6,790,386 | | |
| 31,509,073 | |
Operating expenses: | |
| | | |
| | | |
| | | |
| | |
Research and development expenses | |
| (2,980,718 | ) | |
| (2,955,509 | ) | |
| (5,436,046 | ) | |
| (5,771,027 | ) |
Sales and marketing expenses | |
| (963,588 | ) | |
| (1,368,373 | ) | |
| (1,684,592 | ) | |
| (3,092,405 | ) |
General and administrative expenses | |
| (3,582,893 | ) | |
| (3,129,994 | ) | |
| (6,062,028 | ) | |
| (7,222,521 | ) |
Recovery of (provision for) doubtful accounts | |
| (130,493 | ) | |
| 673,330 | | |
| (261,660 | ) | |
| 787,343 | |
Total operating expenses | |
| (7,657,692 | ) | |
| (6,780,546 | ) | |
| (13,444,326 | ) | |
| (15,298,610 | ) |
Operating income (loss) | |
| (3,773,050 | ) | |
| 5,947,480 | | |
| (6,653,940 | ) | |
| 16,210,463 | |
Finance (expenses) income, net | |
| 252,472 | | |
| 688,721 | | |
| 257,783 | | |
| 698,384 | |
Other income, net | |
| 238,040 | | |
| 141,975 | | |
| 421,253 | | |
| 509,413 | |
Share of loss of equity investee | |
| - | | |
| 18,824 | | |
| - | | |
| - | |
Gain on disposal of equity investee | |
| - | | |
| 26,912 | | |
| - | | |
| 26,912 | |
Change in fair value of warrants | |
| 36,000 | | |
| - | | |
| 121,000 | | |
| - | |
Income before income tax | |
| (3,246,538 | ) | |
| 6,823,912 | | |
| (5,853,904 | ) | |
| 17,445,172 | |
Income tax credit (expenses) | |
| 307,311 | | |
| (800,727 | ) | |
| 710,195 | | |
| (1,849,513 | ) |
Net income (loss) | |
| (2,939,227 | ) | |
| 6,023,185 | | |
| (5,143,709 | ) | |
$ | 15,595,659 | |
Less: Net (income) loss attributable to non-controlling interest | |
| 304,237 | | |
| 422,277 | | |
| 1,128,364 | | |
| 686,253 | |
Net income (loss) attributable to CBAK Energy Technology, Inc. | |
$ | (2,634,990 | ) | |
$ | 6,445,462 | | |
$ | (4,015,345 | ) | |
$ | 16,281,912 | |
| |
| | | |
| | | |
| | | |
| | |
Net income (loss) | |
| (2,939,227 | ) | |
| 6,023,185 | | |
| (5,143,709 | ) | |
| 15,595,659 | |
Other comprehensive loss | |
| | | |
| | | |
| | | |
| | |
– Foreign currency translation adjustment | |
| (6,639,109 | ) | |
| (829,769 | ) | |
| (5,890,330 | ) | |
| (2,735,817 | ) |
Comprehensive (loss) income | |
| (9,578,336 | ) | |
| 5,193,416 | | |
| (11,034,039 | ) | |
| 12,859,842 | |
Less: Comprehensive (loss) income attributable to non-controlling interest | |
| 643,620 | | |
| 423,171 | | |
| 1,373,641 | | |
| 697,394 | |
Comprehensive (loss) income attributable to CBAK Energy Technology, Inc. | |
$ | (8,934,716 | ) | |
$ | 5,616,587 | | |
$ | (9,660,398 | ) | |
$ | 13,557,236 | |
| |
| | | |
| | | |
| | | |
| | |
Income (loss) per share | |
| | | |
| | | |
| | | |
| | |
– Basic | |
$ | (0.03 | )* | |
$ | 0.07 | | |
$ | (0.05 | ) | |
$ | 0.18 | |
– Diluted | |
$ | (0.03 | )* | |
$ | 0.07 | | |
$ | (0.05 | ) | |
$ | 0.18 | |
| |
| | | |
| | | |
| | | |
| | |
Weighted average number of shares of common stock: | |
| | | |
| | | |
| | | |
| | |
– Basic | |
| 89,029,399 | | |
| 89,931,617 | | |
| 89,021,424 | | |
| 89,931,727 | |
– Diluted | |
| 89,029,399 | | |
| 90,111,613 | | |
| 89,021,424 | | |
| 90,289,544 | |
See
accompanying notes to the condensed consolidated financial statements.
7
v3.24.2.u1
Cover
|
Aug. 09, 2024 |
Cover [Abstract] |
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Amendment Flag |
false
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Document Period End Date |
Aug. 09, 2024
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Entity File Number |
001-32898
|
Entity Registrant Name |
CBAK ENERGY TECHNOLOGY, INC.
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Entity Central Index Key |
0001117171
|
Entity Tax Identification Number |
86-0442833
|
Entity Incorporation, State or Country Code |
NV
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Entity Address, Address Line One |
BAK Industrial Park
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Meigui Street
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Huayuankou Economic Zone
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Dalian
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CBAK Energy Technology (NASDAQ:CBAT)
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